Ross Mortgage Corporation Rates, Fees & Info
TROY, MILEI: 5493005NU5BA00C1N451
Tax ID: 38-1332826
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Mortgage Data
Review & Overview
Ross Mortgage Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Ross Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Flint, Glasgow, Bowling Green, and Ann Arbor among others. We have data for 89 markets. (Some data included below & more in-depth data is available with an active subscription.)Ross Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Ross Mortgage Corporation is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 4/30/24 |
| 30 Year Conventional Refi | 6.59% | 4/30/24 |
| 30 Year Cash-out Refi | 6.86% | 4/30/24 |
| 30 Year FHA Purchase | 7.61% | 4/30/24 |
| 30 Year FHA Refi | 7.84% | 4/30/24 |
| 30 Year VA Purchase | 6.50% | 4/30/24 |
| 30 Year USDA Purchase | 7.37% | 4/30/24 |
| 15 Year Conventional Purchase | 5.99% | 4/30/24 |
| 15 Year Conventional Refi | 5.95% | 4/30/24 |
| 15 Year Cash-out Refi | 5.95% | 4/30/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,979Origination Dollar Volume (All Markets)
$435,895,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1,351 | $303,295,000 | $224,497 | $3,888 | 3.14% |
| FLINT, MI (FHA|USDA|VA) | 144 | $24,920,000 | $173,056 | $4,343 | 3.17% |
| Outside of Metro Areas | 76 | $15,430,000 | $203,026 | $4,743 | 3.20% |
| Glasgow, KY (FHA|USDA|VA) | 63 | $11,085,000 | $175,952 | $4,519 | 3.41% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 37 | $7,555,000 | $204,189 | $5,733 | 3.26% |
| ANN ARBOR, MI (FHA|USDA|VA) | 30 | $7,460,000 | $248,667 | $3,750 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 16 | $5,550,000 | $346,875 | $9,284 | 3.40% |
| MONROE, MI (FHA|USDA|VA) | 28 | $5,280,000 | $188,571 | $4,546 | 3.33% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 13 | $4,545,000 | $349,615 | $6,565 | 2.90% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 24 | $4,070,000 | $169,583 | $4,307 | 3.07% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 11 | $3,225,000 | $293,182 | $7,194 | 3.18% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 10 | $2,810,000 | $281,000 | $8,204 | 3.16% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 10 | $2,610,000 | $261,000 | $3,284 | 3.09% |
| OCALA, FL (FHA|USDA|VA) | 14 | $2,570,000 | $183,571 | $5,985 | 3.55% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 11 | $2,525,000 | $229,545 | $5,597 | 3.15% |
| Traverse City, MI (FHA|USDA|VA) | 7 | $1,815,000 | $259,286 | $6,315 | 3.13% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $1,190,000 | $595,000 | $8,655 | 2.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 4 | $1,140,000 | $285,000 | $7,764 | 2.94% |
| RICHMOND, VA (FHA|USDA|VA) | 5 | $1,115,000 | $223,000 | $6,989 | 3.25% |
| SAGINAW, MI (FHA|USDA|VA) | 7 | $1,085,000 | $155,000 | $3,916 | 3.14% |
| JACKSON, MI (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $6,146 | 3.06% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $10,250 | 2.71% |
| Adrian, MI (FHA|USDA|VA) | 4 | $860,000 | $215,000 | $3,161 | 3.00% |
| Morehead City, NC (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $9,851 | 2.81% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $4,338 | 3.13% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $4,432 | 3.34% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $4,426 | 2.96% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $8,171 | 3.25% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $5,110 | 2.92% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $5,023 | 2.67% |
| COLUMBIA, SC (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $7,146 | 2.92% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $2,606 | 2.88% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $4,670 | 3.17% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $3,925 | 3.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $3,622 | 2.96% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $3,878 | 3.25% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $4,817 | 2.88% |
| Somerset, KY (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $4,450 | 3.67% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $6,397 | 3.31% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $5,954 | 2.63% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $5,229 | 2.88% |
| LOUISVILLE, KY (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,258 | 3.17% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $5,488 | 3.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $6,753 | 2.88% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,639 | 3.50% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,603 | 3.31% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $5,908 | 3.50% |
| MIDLAND, MI (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,831 | 2.88% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,805 | 2.25% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $3,064 | 3.19% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $7,558 | 4.44% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $16,020 | 2.75% |
| Ludington, MI (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,814 | 3.06% |
| BAY CITY, MI (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $2,966 | 2.88% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,196 | 2.88% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $9,780 | 4.25% |
| Escanaba, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,538 | 3.25% |
| Mount Sterling, KY (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,805 | 3.63% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,582 | 2.88% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $12,830 | 3.25% |
| FLORENCE, SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,487 | 2.75% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,864 | 3.25% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,427 | 2.50% |
| Alma, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,591 | 3.38% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,303 | 3.75% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,220 | 2.75% |
| AKRON, OH (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,546 | 2.56% |
| Campbellsville, KY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,008 | 3.38% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,402 | 4.63% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,186 | 2.88% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $10,501 | 2.75% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,174 | 2.88% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,540 | 3.38% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,063 | 3.25% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,982 | 3.88% |
| Bucyrus-Galion, OH (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,975 | 3.13% |
| Palatka, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $9,639 | 4.13% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,320 | 2.38% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,252 | 4.38% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,594 | 3.25% |
| Thomaston, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,841 | 2.63% |
| Marquette, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,229 | 3.88% |
| Danville, KY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,492 | 2.75% |
| LIMA, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,325 | 3.13% |
| Cadillac, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,277 | 3.50% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,572 | 2.75% |
| Houghton, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,313 | 2.75% |
| Big Rapids, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,922 | 3.88% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $3,207 | 2.75% |
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Product Mix
For 2021, Ross Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,509 originations. Their 2nd most popular type was FHA, with 252 originations.
Loan Reason
For 2021, Ross Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,100 originations. The 2nd most popular reason was Refi, with 540 originations.
Loan Duration/Length
For 2021, Ross Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,667 originations. The 2nd most popular length was 15 Year, with 188 originations.
Origination Fees/Closing Costs
Ross Mortgage Corporation's average total fees were $4,438, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,359 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 1,041 | $214,105,000 | $205,672 |
| 2.5-3% | 740 | $178,070,000 | $240,635 |
| <2.5% | 146 | $34,070,000 | $233,356 |
| 4-5% | 51 | $9,585,000 | $187,941 |
| 5-6% | 1 | $65,000 | $65,000 |
During 2021, Ross Mortgage Corporation's average interest rate for loans was 3.24%, while their most frequently originated rate bucket for loans was 3-4%, with 1,041 originations.
Loan Sizing
2021 saw Ross Mortgage Corporation place emphasis on $100k-200k loans with 877 originations, totaling $131,765,000 in origination value.
Applicant Income
Ross Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 513 originations. The second most popular income band? $50k or less, with 392 originations.
Applicant Debt to Income Ratio
Ross Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 458 originations. The next most common DTI ratio? 30-36%, with 358 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.70%
Ross Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination89.14%
Ross Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,979 | $435,895,000 | $220,260 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| ROSS MORTGAGE CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |
| ROSS MORTGAGE CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| ROSS MORTGAGE CORPORATION | VA mortgage | Closing on a mortgage | 1 | 33.3% |